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re: Opinions on life insurance for your kids?
Posted on 1/28/15 at 11:47 am to Glock17
Posted on 1/28/15 at 11:47 am to Glock17
virtually ALL whole life policies are terrible 'investments' and only useful in VERY special circumstances. Children certainly don't need life insurance and you're just throwing away money that could turn into something substantial if saved instead.
Alternatively, put $25 per child in a full market ETF like VTI (call discount broker like Fidelity to find out which one) in a UTMA account or 529 if for college and here's what happens:
$24/month at
8% return
becomes
$15,000 in 20 years or
$37,000 in 30 years or
$445,000 in 60 years or
$992,000 in 70 years
good luck
Alternatively, put $25 per child in a full market ETF like VTI (call discount broker like Fidelity to find out which one) in a UTMA account or 529 if for college and here's what happens:
$24/month at
8% return
becomes
$15,000 in 20 years or
$37,000 in 30 years or
$445,000 in 60 years or
$992,000 in 70 years
good luck
1
Posted on 1/28/15 at 11:59 am to Ole War Skule
quote:
virtually ALL whole life policies are terrible 'investments' and only useful in VERY special circumstances. Children certainly don't need life insurance and you're just throwing away money that could turn into something substantial if saved instead
Silly statement. They can be useful in lots of very un-special situations. Define "terrible investments"
quote:
$24/month at 8% return becomes $15,000 in 20 years or $37,000 in 30 years or $445,000 in 60 years or $992,000 in 70 years
You are going to get 8% after taxes every year for 70 years in the market? okie dokie.
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